Description : A trader has made a sale of Rs.75,500 out of which cash sales amounted to Rs.25,500. He showed trade receivables on 31-3-2014 at Rs.25,500. Which concept is followed by him? a) Going concern b) Cost c) Accrual
Last Answer : c) Accrual
Description : A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in ... is violated. (a) Money measurement (b) Conservatism (c) Consistency (d) None of these
Last Answer : (b) Conservatism
Description : Profit and loss is calculated at the stage of A] Recording B] Posting C] Classifying D] Summarising
Last Answer : D] Summarising
Description : The return on investment (ROI) may be calculated as A. Net profit before interest, tax and dividend / Capital employed B. Net profit after interest, tax and dividend / Shareholder's fund C. ( Net profit - preference dividend )/ No. of equity shares D. Return on Investment / Net profit ratio
Last Answer : A. Net profit before interest, tax and dividend / Capital employed
Description : kalyan bought 16 types of rava of certain rupees. After a week, he sold 6 types of rava at 20%profit, 6types of rava with neither profit nor loss and 4 types at 10%loss. In this transaction, what is the profit %?
Last Answer : Let CP of 16 types =x CP of 1 type= x/16 Sp of rice 20%=6x/16+6x/16*20/100=9x/20 Spof rice without profir or loss=6x/16=3x/8 Sp of rice at 10% loss= 4x/16-4x/16*10/100=9x/40 Total seling price=9x/20+3x/8+9x/40 = 42x/40 now profit%= [42x/40-x]/x *100 =5%
Description : Which among these is a factor affecting business Environment? A. Value System B. Human Resources C. Both (A) and (B) D. Neither (A) nor (B.
Last Answer : C. Both (A) and (B)
Description : Rohit carrying on real estate business sold a piece of land for Rs.4,00,00,000 (cost Rs.3,50,00,000) then the type of receipt is ______ nature and profit on sale is a) Capital & transferred to capital ... L a/c c) Capital & transferred to P & L a/c d) Revenue & transferred to general reserve
Last Answer : b) Revenue & transferred to P & L a/c
Description : An asset of Rs.85,000 was purchased for Rs.75,000 and was recorded in the books at Rs.85,000. What is the correct amount of profit to be reported in the books? a) Rs.1,47,000 b) Rs. 1,51,000 c) Rs.1,63,000 d) Rs.1,41,000
Last Answer : b) Rs. 1,51,000
Description : A trader wants to sell a watch at 25% profit. If its cost price was Rs.x more, an extra profit of Rs.50 would be made on it. find x(in Rs.) a)100 b)125 c)150 d)200
Last Answer : d)200
Description : A trader sells 145 m of cloth for Rs 12325 at the profit of Rs 10 per metre of cloth. What is the cost price of 1 m of cloth? 1. Rs 65 2. Rs 75 3. Rs 95 4. Rs 85
Last Answer : 2. Rs 75
Description : BDL Ltd. is currently preparing its cash budget for the year to 31 March 2014. An extract from its sales budget for the same year shows the following sales values. Rs March 60,000 April 70,000 May 55,000 June 65,000 40% ... 2013 is (a) Rs 60,532 (b) Rs 61,120 (c) Rs 66,532 (d) Rs 86,620
Last Answer : (a) Rs 60,532
Description : Francis sold his pen at a profit of Rs.5. He calculated his profit percentage on his selling price and found it to be 50%. Find his profit percentage? a)100% b)150% c)200% d)250%
Last Answer : a)100%
Description : Provision for discount on debtors is calculated on the amount of debtors. a) Before deducting provision for doubtful debts. b)After deducting provision for doubtful debts. c) Before deducting actual debts and provision for doubtful debts. d) After adding actual bad and doubtful debts.
Last Answer : b)After deducting provision for doubtful debts.
Description : Sanki purchased 20 dozen notebook at Rs. 48 per dozen. He sold 8 dozen at 10% profit and remaining 12 dozen with 20% profit. What is his profit percentage in the transaction? A. 8% B. 15% C. 16% D. 19%
Last Answer : Answer – C (16%) Explanation – C.P of 20 dozen = Rs.(48 x 20) = Rs.960 C.P of 8 dozen = Rs. (48 x8) = Rs. 384. C.P of 12 dozen =Rs. (960 – 384) = Rs. 576 Total S.P = Rs. (110/100 x 384 +120/100 x 576) = Rs.1113.60 ∴ Profit % = (153.60/960 x 100)% =16%
Description : Shan bought 30 liters of milk at the rate of Rs.8 per liter. He got it churned after spending Rs.10 and 5kg of cream and 30 liter of toned milk were obtained. If he sold the cream at Rs.30 per kg and toned milk at Rs.4 per liter, his profit in the transaction is: A. 20% B. 8% C. 30% D. 40%
Last Answer : Answer – B .8% Explanation: CP =Rs.(30 x 8 + 10) = Rs.250 SP = Rs. (30 x 5 + 30 x 4) = Rs.270 Gain% = (20/250 x 100)% = 8%
Description : A shopkeeper sells two watches for Rs 308 each. On one watch he earns 12% profit and on the others he suffers 12% loss. His profit or loss in the entire transaction was: 1. 1(11/25)% loss 2. 1(11/25)% gain 3. 3(2/25)% loss 4. 3(2/25)% gain
Last Answer : 3. 3(2/25)% loss
Description : .A shopkeeper sells two watches for Rs 308 each. On one watch he earns 12% profit and on the others he suffers 12% loss. His profit or loss in the entire transaction was: 1. 1(11/25)% loss 2. 1(11/25)% gain 3. 3(2/25)% loss 4. 3(2/25)% gain
Last Answer : . 3(2/25)% loss
Description : A storage device whe3re the access time is depended upon the location of the data is a. Random access b. Serial access c. Sequential access d. Transaction access
Last Answer : b. Serial access
Description : For small scale industries the company registration fee is a) Rs.100000 c) Rs.25000 b)Rs.250000 d) Rs.150000
Last Answer : 25000
Description : One time company registration fee for large scale industry is Rs…………….. A. 150000 C. 100000 B. 50000 D. 75000
Last Answer : 100000
Description : Trouton's ratio of __________ liquids is calculated using Kistyakowsky equation. (A) Polar (B) Non-polar (C) Both (A) & (B) (D) Neither (A) nor (B)
Last Answer : (B) Non-polar
Description : Work done may be calculated by the expression ∫ p dA for __________ processes. (A) Non-flow reversible (B) Adiabatic (C) Both (A) and (B) (D) Neither (A) nor (B)
Last Answer : (C) Both (A) and (B)
Description : Relevancy of facts forming part of same transaction a) Whether they occurred at the same time and place b) Whether they occurred at the different time and place c) Both the A & B d) Neither A nor B
Last Answer : c) Both the A & B
Description : Break-even point in Rs is Calculated as _________ a) Fixed cost/ contribution per unit b) Fixed cost / p/ V ratio c) Fixed cost + desired profit/ Contribution per unit d) Fixed cost + desired profit/ P/V ratio.simpl
Last Answer : b) Fixed cost / p/ V ratio
Description : A house and shop were sold for Rs. 1 lakh each. In this transaction the house sell resulted into 20% loss whereas the shop sell resulted into 20% of profit. The entire transaction resulted in: A. no loss no gain B. loss of Rs 1/12 lakh C. loss of Rs 4lakh D. gain of Rs 6lakh
Last Answer : Answer – B (loss of Rs. 1/12 lakh) Explanation – Total S.P = Rs. 2 lakh. C.P of house = Rs. (100/80 x 1)lakh = Rs 5/4 lakh C.P of shop = Rs. (100/120 x 1)lakh = Rs. 5/6 lakh Total C.P = Rs. (5/4 + 5/6)lakh = Rs. 25/12 lakh ∴ loss = Rs.(25/12 – 2)lakh = Rs. 1/12 lakh.
Description : A sells a gold ring to B for Rs 90,000 losing 20% in the transaction. B sells it to C at a price which would have given a profit of 20% to A. By what percent does B gain?
Last Answer : A sells to B at 20% loss So CP=90000*100/80=112500 20%profit to A= 112500*120/100=135000 Total gain= (135000-90000)=45000 Gain%= 45000/90000*100=50%
Description : Ganesh purchased a bed and a washing machine for Rs 40,000. Later , he sold the bed at 40% profit and the washing machine at 20% loss. Thus, he gained 4% in the whole transaction. Find cost price of the bed?
Last Answer : CP of bed=x x*40/100-(40,000-x)*20/100=40,000*4/100 40x-(800000-20x)=160000 60x-800000=160000 60x=960000 X=Rs16000
Description : A car worth Rs.2,50,000 is sold by usha to nandhini at 10 % profit. Nandhini sells the car back to usha at 4% loss. Then in the entire transaction total gain by usha is?
Last Answer : Money spent by usha = Rs.2,50,000 Money received by usha = 110% of Rs.2,50,000 = 2,75,000 Cost price to usha = 96% of Rs.2,75.000 = Rs.2,64,000 Therefore usha gains Rs(2,75,000 – 2,64,000) = Rs.11000
Description : Paresh purchased an I-pod for Rs. 7500 and sold it at the gain of 24%. From that amount he purchased another I-pod and sold it at the loss of 20%. What is his overall gain/loss? (a) Loss of Rs. 100 (b) Gain of Rs. 60 (c) Loss of Rs. 60 (d) Neither gain nor loss (e) Gain of Rs. 100
Last Answer : (c) Loss of Rs. 60
Description : A trader buys two articles at the same price. He sold one article at 20% profit and sold the other at 10% loss . Find his overall profit/loss percentage a)10% loss b)10% profit c)5% loss d)5% profit.
Last Answer : d)5% profit.
Description : What is the highest % discount(approximately) that a trader can offer on his marked price, so that he ends up selling at no profit or loss, if he initially marked his goods up by 60%?
Last Answer : Let CP= Rs 100 MP= Rs100+60=160 Discount= x% then, 160*[100-x/100] =100 100-x=100*100/160 x=37.5%
Description : Total labour force in Pakistan is estimate at 63.03 million in the year 2014-15 out of which _____ million were unemployed A. 4.2 B. 3.93 C. 5.7 D. None of these
Last Answer : ANSWER: B
Description : Total labour force in Pakistan is estimate at 63.03 million in the year 2014-15 out of which _____ million were unemployed A. 4.2 13 B. 3.93 C. 5.7 D. None of these
Description : On selling 25 balls at Rs. 1015, there is a profit equal to the cost price of 10 balls. What is the cost price of a ball? a) Rs. 31 b) Rs. 29 c) Rs. 35 d) Rs. 27 e) Rs. 39
Last Answer : b Profit = (S.P of 25 balls) - (C.P of 25 balls) = 1015 - (C.P of 25 balls) Given that Profit = (C.P of 10 balls) => 1015 - (C.P of 25 balls) = (C.P of 10 balls) => (C.P of 25 balls) + (C.P of 10 balls) = 1015 => C.P of 35 balls = 1015 => C.P of 1 ball=1015 / 35 = Rs. 29
Description : For the financial year ended as on March 31, 2013 the figures extracted from the balance sheet of Xerox Limited as under: Opening Stock Rs. 29,000; Purchases Rs. 2,42,000; Sales Rs. 3,20,000; Gross Profit 25% of ... Stock Turnover Ratio will be :- (a) 8 times (b) 6 times (c) 9 times (d) 10 times
Last Answer : (a) 8 times
Description : Matching concept means A] Assets = capital + liabilities B] Transactions recorded at accrual concept C] Anticipate no profit but recognize all losses D] Expenses should be matched with the revenue of the period.
Last Answer : D] Expenses should be matched with the revenue of the period.
Description : Which of the following is not the main objective of accounting? A] Systematic recording of transactions B] Ascertaining profit or loss C] Ascertainment of financial position D] Solving tax disputes with tax authorities
Last Answer : D] Solving tax disputes with tax authorities
Description : Sales –Gross Profit = ________ a) Cost of goods sold b) Net sales c) Gross Sales d) Liabilities
Last Answer : a) Cost of goods sold
Description : As per the Matching concept, Revenue –? = Profit a) Expenses b) Liabilities c) Losses d) Assets
Last Answer : a) Expenses
Description : As per accrual concept, which of the followings is not true a) revenue –expenditure = profit b) revenue –profit = expenditure c) sales + gross profit = revenue d) revenue = profit + expenditure
Last Answer : c) sales + gross profit = revenue
Description : The policy of anticipate no profit and provide for all possible losses arise due to the concept of _____ a) Consistency b) Disclosure c) Conservatism d) Matching
Last Answer : c) Conservatism
Description : Change in the capital A/c of proprietor may occur due to ______ a) Profit earned b) Loss incurred c) Capital Introduced d)All of theabove
Last Answer : d)All of theabove
Description : Goodwill arising on amalgamation is to be A. Retained in the books of the transferee company B. Amortised to income on a systematic basis normally five years C. Adjusted against reserves or profit and loss account balance D. All of the above
Last Answer : B. Amortised to income on a systematic basis normally five years
Description : All capital expenditures and receipts are taken to A. Trading and Profit and Loss Account B. Balance sheet C. Trial balance D. None of the above
Last Answer : B. Balance sheet
Description : Bonus shares can be issued by a company A. Out of the Reserves created by revaluation of fixed assets B. Out of share premium not collected in cash C. Without any provision for it in the Articles of Association of the company D. Out of free reserves built out of genuine profit
Last Answer : D. Out of free reserves built out of genuine profit
Description : The profit on the reissue of forfeited share are transferred to A. Capital A/ c B. Capital Reserve C. Profit & Loss A/c D. General Issues
Last Answer : B. Capital Reserve
Description : In case of a limited company, the term financial statements includes A. Profit and loss and balance sheet B. Profit and loss account, profit and loss appropriation account and balance sheet C. Balance sheet D. None of the above
Last Answer : B. Profit and loss account, profit and loss appropriation account and balance sheet C
Description : Which is the type of dividend? A. Cash Dividend B. Interest C. Profit cum-reserve D. Flexible Capital
Last Answer : A. Cash Dividend
Description : Corporate dividend tax is _______ A. Computed on Net profit B. Computed on Share Capital C. Computed on Goss Profit D. Computed on Dividend paid
Last Answer : D. Computed on Dividend paid
Description : Provision for Income Tax is _____ A. Debited to P & L Appropriation A/c B. Debited to Profit and Loss A/c C. Debited to Treading A/c D. Credited to P & L Appropriation a/c
Last Answer : B. Debited to Profit and Loss A/c